Edgestream Partners L.P. Raises Stake in TowneBank (NASDAQ:TOWN)

Edgestream Partners L.P. raised its position in shares of TowneBank (NASDAQ:TOWN) by 224.3% during the 2nd quarter, Holdings Channel.com reports. The firm owned 47,995 shares of the bank’s stock after purchasing an additional 33,195 shares during the period. Edgestream Partners L.P.’s holdings in TowneBank were worth $1,309,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in TOWN. Norges Bank purchased a new position in TowneBank during the fourth quarter valued at approximately $10,851,000. Jacobs Levy Equity Management Inc. purchased a new position in TowneBank during the first quarter valued at approximately $4,907,000. Dimensional Fund Advisors LP lifted its holdings in TowneBank by 2.9% during the second quarter. Dimensional Fund Advisors LP now owns 4,269,588 shares of the bank’s stock valued at $116,431,000 after purchasing an additional 119,459 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in TowneBank by 92.5% during the first quarter. Russell Investments Group Ltd. now owns 181,730 shares of the bank’s stock valued at $5,099,000 after purchasing an additional 87,332 shares in the last quarter. Finally, Quest Partners LLC lifted its holdings in TowneBank by 5,296,900.0% during the second quarter. Quest Partners LLC now owns 52,970 shares of the bank’s stock valued at $1,444,000 after purchasing an additional 52,969 shares in the last quarter. Hedge funds and other institutional investors own 55.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TOWN. Keefe, Bruyette & Woods boosted their target price on shares of TowneBank from $30.00 to $35.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. StockNews.com upgraded shares of TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, July 29th.

TowneBank Stock Performance

Shares of NASDAQ:TOWN opened at $34.19 on Friday. The firm has a fifty day moving average price of $32.77 and a 200 day moving average price of $29.00. TowneBank has a fifty-two week low of $21.63 and a fifty-two week high of $35.10. The firm has a market cap of $2.56 billion, a price-to-earnings ratio of 17.01 and a beta of 0.89.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $0.57 EPS for the quarter, beating the consensus estimate of $0.48 by $0.09. The business had revenue of $174.97 million during the quarter, compared to analyst estimates of $172.20 million. TowneBank had a net margin of 15.33% and a return on equity of 7.56%. TowneBank’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.52 earnings per share. As a group, research analysts predict that TowneBank will post 2.15 earnings per share for the current year.

TowneBank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be given a $0.25 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 2.92%. TowneBank’s dividend payout ratio is currently 49.75%.

TowneBank Company Profile

TowneBank provides retail and commercial banking services for individuals, commercial enterprises, and professionals. The company operates through three segments: Banking, Realty, and Insurance. It accepts various deposits, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.